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Friday, October 23, 2015

Don't Cut Yourself Short - Shop Loan Prices!

Americans will clip coupons and hunt around for sales, but when it
comes to saving money on major financial loans like a mortgage, they
tend to go with the first bank they talk to.

Online lender LendingTree found
that four out of five Americans consider themselves bargain hunters.
Nine out of ten Americans have researched prices online before
purchasing an item. Yet, less than 30 percent of consumers look for the
best rates when it comes to major financial loans. Roughly 18 percent
stated they never looked for better rates or prices on loans.

Comparison shopping for loans offers the greatest opportunity for consumers to realize substantial savings. Know Before You Owe,
a Consumer Financial Protection Bureau initiative, has simplified
mortgage disclosure forms to make it even easier to compare loan rates,
yet most consumers seem to waive their right to shop around for the best
deal.

Suggests Andrea Woroch, LendingTree's consumer savings expert,
"Consumers sometimes may be too focused on price and fail to consider
the lifetime cost of interest which is really where banks and lenders
make their money. Over a thirty-year mortgage, a one percent difference
between interest rates can easily translate to thousands of dollars."

Four in five Americans use comparison shopping websites, yet only 14
percent of these bargain seekers comparison shop for loan products.
LendingTree found that about one-third of home owners did not negotiate
their interest rate before buying their home.

However interest rates offered to borrowers often vary from lender to
lender. In Q3 2015, mortgage shoppers who received offers from at least
two lenders through LendingTree experienced an average rate
differential of .32 percentage points between the lowest offer and
highest offer, a difference of $48.06 per month. Using this information,
choosing the lowest offer could save a borrower roughly $17,300 over
the life of the loan.

So if you're one of the 80 percent of Americans who are willing to
drive further to save 10 cents on a gallon of gas, think about the
length of time you'll have your mortgage.Written by
Blanche Evans
on Thursday, 22 October 2015 12:35

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